Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q2 2025)

According to the SEC 13F filed on Aug 13, 2025, the Third Avenue Management portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys - Cantaloupe, Inc., Champion Homes, Inc., Visteon Corporation

Increases - Ambac Financial Group, Inc., Bluelinx Holdings Inc., Warrior Met Coal, Inc., Kaiser Aluminum Corporation, Lennar Corporation, and 8 more

Reductions - Alamo Group, Inc., American Homes 4 Rent, CBRE Group Inc, 11017, Comerica Incorporated, and 14 more

Complete Exits - Brookfield Asset Management Inc, CTO Realty Growth, Inc., Elme Communities, Equity, Green Brick Partners, Inc., and 7 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-10,677	-41.8%	$3.25M	14,869
Q2 2025	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy	+236,930	+64.7%	$4.28M	603,391
Q2 2025	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-1,494	-0.8%	$6.89M	191,066
Q2 2025	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell - Position Exit	-132,103	-100.0%	$0.00	-
Q2 2025	BXC Bluelinx Holdings Inc.	Bluelinx Holdings Inc.	Buy	+16,488	+55.2%	$3.45M	46,357
Q2 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-399	-0.2%	$23.08M	164,710
Q2 2025	CET 11017	11017	Sell	-9,398	-8.5%	$4.87M	101,812
Q2 2025	CMA Comerica Incorporated	Comerica Incorporated	Sell	-131,694	-43.5%	$10.21M	171,210
Q2 2025	CTLP Cantaloupe, Inc.	Cantaloupe, Inc.	Buy - Position Entry	+370,013	-	$4.07M	370,013
Q2 2025	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Sell - Position Exit	-63,000	-100.0%	$0.00	-
Q2 2025	DB Deutsche Bank	Deutsche Bank	Sell	-426,012	-29.4%	$30.18M	1,021,558
Q2 2025	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-556	-0.7%	$10.08M	78,189
Q2 2025	ELME Elme Communities	Elme Communities	Sell - Position Exit	-93,000	-100.0%	$0.00	-
Q2 2025	EQC Equity	Equity	Sell - Position Exit	-55,000	-100.0%	$0.00	-
Q2 2025	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-1,895	-1.4%	$6.39M	132,663
Q2 2025	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-41,512	-16.4%	$5.69M	211,440
Q2 2025	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Sell - Position Exit	-5,000	-100.0%	$0.00	-
Q2 2025	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-118,508	-47.4%	$2.35M	131,461
Q2 2025	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+28,478	+4.6%	$29.41M	641,684
Q2 2025	ITIC Investors Title Company	Investors Title Company	Sell	-3,167	-8.1%	$7.55M	35,752
Q2 2025	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell - Position Exit	-38,000	-100.0%	$0.00	-
Q2 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-300	-0.6%	$13.22M	51,690
Q2 2025	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+9,707	+12.2%	$7.15M	89,535
Q2 2025	LEN-B Lennar Corporation	Lennar Corporation	Buy	+263	+0.2%	$15.58M	148,033
Q2 2025	MRP Millrose Properties	Millrose Properties	Sell	-30,193	-37.3%	$1.45M	50,697
Q2 2025	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-18,202	-25.0%	$9.91M	54,595
Q2 2025	OCFC OceanFirst Financial Corp.	OceanFirst Financial Corp.	Buy	+45,595	+39.1%	$2.86M	162,238
Q2 2025	ORI Old Republic International Corp	Old Republic International Corp	Sell	-237,853	-70.7%	$3.79M	98,535
Q2 2025	PCH PotlatchDeltic Corporation - Co	PotlatchDeltic Corporation - Co	Sell - Position Exit	-20,000	-100.0%	$0.00	-
Q2 2025	PHM PulteGroup, Inc.	PulteGroup, Inc.	Buy	+33,131	+51.9%	$10.22M	96,931

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